Word: loaning
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...merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge loan to help Pan Am cover losses during the low- traffic season after the holidays. One type of financing TWA is considering would require Pan Am, which lost $2 billion in the past decade, to file for reorganization in bankruptcy...
Most Unnecessary Confession by a Presidential Relative "I didn't pretend to be an expert on the savings and loan business," said Neil Bush. The President's son served as a director of Silverado, the Denver S&L, just before the thrift collapsed in a $1 billion heap in 1988. A judge later urged that Bush be disciplined for not disclosing business deals with two Silverado borrowers...
Shirley Wynn of Miami wrote to Coral Gables Federal Savings and Loan last July to tell the bank that it made a mistake in computing the interest due on her mortgage, overcharging her $1,464 in the course of three years. The bank apologized and refunded the overpayment. Wynn was one of the lucky ones. According to a congressional review and a study by a former federal auditor, John Geddes, thousands of others across the nation with adjustable-rate mortgages may have been overcharged. Basing his estimate on an examination of 7,000 loan accounts, Geddes says a third...
...errors by deficient computer programs and poorly trained employees. As many borrowers were charged too little as too much. Mortgage lenders say Geddes needs more data before drawing such sweeping conclusions. But his efforts have already brought change. Lenders are more carefully scrutinizing their procedures, federal examiners are auditing loan portfolios, and some consumers have filed class-action lawsuits...
...violating the federal Racketeer Influenced and Corrupt Organizations Law. But the 11 counts in the new indictment are more serious. He is accused of taking part in four Mob killings and conspiring to arrange a fifth. His organization, according to the charges, took part in illegal gambling, extortion, loan sharking, obstruction of justice and robbery. Three of Gotti's top aides, including Thomas Gambino, son of the late Carlo, the Gambino family's original "boss of bosses," were also indicted...